A global network of central banks and a group of finance ministers concerned about the economic impact of climate change have teamed up to promote collaboration, in order to to manage the risks and to accelerate the energy transition.
The new initiative was launched on the margins of the COP30 climate meeting in Brazil and is aimed at bringing top fiscal and monetary officials together to discuss how the environment influences the economy.
The joint platform brings together the Network for Greening the Financial System (NGFS), a global group of 143 central banks set up in 2017 in Paris, and the Coalition of Finance Ministers for Climate Action (CFMCA), which groups policymakers from over 90 countries.
The NGFS has vowed to keep working together to help the financial sector mitigate the risks of climate change and to support the transition to a greener economy, even after the departure of the US Federal Reserve.
“Climate change is increasingly shaping the macroeconomic environment we manage every day—from investment decisions and debt planning to monetary and financial stability,” said Ralien Bekkers, deputy to the Netherlands finance minister, and co-chair of CFMCA. “Finance ministries have a responsibility to help ensure the transition is orderly and economically sound.”
The initiative said it will support efforts to create shared tools and scenarios, and explore opportunities to mobilize domestic and international finance to reinforce stability and sustainable prosperity.
The joint initiative will organize a series of dialogues during 2026 on key macroeconomic topics related to climate change and a resilient low-carbon transition, as well as regular high-level meetings.
“This dialogue gives us the space to compare approaches, strengthen our analytical foundations, and identify where coordinated action can support a resilient and orderly transition,” said Sam Mugume Koojo, deputy to the Ugandan finance minister and CFMCA co-chair.
This post originally appeared at Green Central Banking and has been republished here with permission.
